Ultimate Victory was generally well received by most critics.
Rolling Stone - 3.5 stars out of 5 - praised the title track stating, "“The Ultimate Victory”—on which Chamillionaire expresses sympathy for media-dogged celebrities like Eminem and Britney Spears and admits, "I'm still filled with doubt"—might be the most personally reflective hip-hop track since Slim Shady himself stepped to the mic."
Allmusic - 3.5 stars out of 5 - "A positive outlook for the future of the genre."
Allhiphop.com 8.5 out of 10 - "Chamillionaire's flow and lyricism is rampant through each track on Ultimate Victory."
Hip Hop DX - 3.5 out of 5 "Chamillionaire effortlessly transitions from one subject to the next without coming off too overbearing or preachy. Blending his trademark, butter-smooth melodies with hard-hitting beats and intricate punch lines, The Ultimate Victory is an interesting blend of braggadocio, thought-provoking, political undertones and bravado, something rarely seen from today’s mainstream MC."